Global Wood Adhesives Market to Reach US$ 12,375.6 Million by 2030, Says Coherent Market Insights (CMI)
SEATTLE, May 11, 2022 (GLOBE NEWSWIRE) -- The global *wood adhesives market* is estimated to be valued at US$ 6,930.0 million in 2021 and is expected to exhibit a CAGR of 6.57% during the forecast period (2022-2030).
*Key* *Trends and Analysis of the Global Wood Adhesives Market:*
Growing use of water-based wood adhesives instead of solvent-based wood adhesives, owing to increasing awareness for environmental protection and conservation is expected to drive the market growth. Low VOC wood adhesive products are more eco-friendly than solvent-based ones. They posses various excellent properties such as eco-friendly characteristics, fast dry time, less odor, and easy soap, and water clean-up. The major wood adhesives market players are looking for sustainability; therefore, the switch to low-VOC content products is one of the key trends in the market. Thus, aforementioned factors are expected to drive the market growth.
Extensive research & development, especially on bio-based chemistries and new product development with low volatile organic compounds (VOC) emissions is expected to boost demand for low VOC wood adhesives. With the rising environmental concern about the harmful volatile organic compounds emissions, there has been increase in use of bio-based wood adhesives.
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Key market players such as Akzo Nobel N.V, Arkema S.A., Bostik SA, H.B. Fuller, Henkel AG & Co. KGaA, Huntsman Advanced Materials, Sika AG, The 3M Company, and Astral Adhesives are focusing on the development of high performance, fast setting, heat resistant and sustainable wood adhesives, which can be used over a diverse range of applications.
The market is characterised by a strict regulatory framework governing formaldehyde emission limits during the manufacturing of wood-based panels. During the forecast period, this is expected to open new growth opportunities for soy-based, polyurethane, and polyvinyl acetate adhesives.
*Key Market Takeaways:*
The global wood adhesives market is expected to exhibit a CAGR of 6.57% over the forecast period (2022-2030). Rising people’s concerns about trees decline and global warming have increased the use of engineered wood-based panels. A major driver driving the market is the growing global demand for engineered wood-based panels such as plywood, oriented strand board, and particle board, which consume a large amount of adhesives during their manufacturing process. In addition, the market for wood adhesives is predicted to rise over the forecast period, owing to rising demand for environmentally friendly and green furniture.
*Among product type*, polyvinyl acetate (PVA) segment accounted for the 40.5% revenue share in 2021. PVA (polyvinyl acetate) dispersions are mostly employed in interior applications. High initial bonding strength and ease of application are two advantages. This adhesives has replaced natural adhesives in the construction of furniture, for example, due to its resilience to microorganism attack and low cost. When heated above room temperature, polyvinyl acetate (PVA) softens, and it is less resistant to moisture and humidity than thermosetting resins. Polyvinyl acetate (PVA) adhesives are therefore employed in interior applications.
*Among substrate*, oriented strand board (OSB) accounted for a significant market share. The OSB logs are split into strands of varying sizes and stored in moist containers until they are ready to be dried. To make the board, the dried strands are blended with adhesive and a small bit of wax to improve water absorption and moisture resistance. Over the forecast period, rising demand for OSB as an alternative to plywood and solid boards, particularly in North America and Europe is expected to increase demand for the wood adhesives in the market.
*Competitive Landscape:*
Major players operating in the global wood adhesives market include Henkel AG & Co. KGaA, Sika AG, The 3M Company, Arkema, HB Fuller, Bostik SA, Ashland Inc., Pidilite Industries Limited, Akzo Nobel NV, and Jubilant Industries Ltd.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in wood adhesives market. For instance, in march 2019, H.B. Fuller, an adhesives manufacturing company established an engineering adhesives business in Japan. This expansion has strengthened its Engineering Adhesive (EA) businesses in Japan by focusing on high-performance adhesives, including reactive adhesive chemistries and applications.
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*Market Segmentation:*
· Global Wood Adhesives Market, By Product Type:
· · Urea-formaldehyde (UF) & Melamine urea-formaldehyde (MUF)
· Phenol-formaldehyde
· Epoxy
· Polyurethane
· Polyvinyl acetate (PVA)
· Others (Soy Based, etc.)
· Global Wood Adhesives Market, By Technology:
· · Solvent-based
· Water-based
· Others (Solvent less, etc.)
· Global Wood Adhesives Market, By Substrate:
· · Solid Wood
· Oriented Strand Boards
· Plywood
· Fiberboards
· Others (Particle Board, etc.)
· Global Wood Adhesives Market, By End User:
· · Furniture
· Flooring
· Housing Components
· Doors & Windows
· Others
· Global Wood Adhesives Market, By Region:
· North America
· By Country:
· U.S.
· Canada
· Latin America
· By Country:
· Brazil
· Argentina
· Mexico
· Rest of Latin America
· Europe
· By Country:
· U.K.
· Germany
· France
· Italy
· Spain
· Russia
· Rest Of Europe
· Asia Pacific
· By Country:
· China
· India
· Japan
· South Korea
· ASEAN
· Australia
· Rest of Asia Pacific
· Middle East & Africa
· By Country/Region:
· Middle East
· Africa
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